EquiyPandit’s Outlook for Infosys for the week (Aug 20, 2018 – Aug 24, 2018) :
INFY closed the week on positive note gaining around 3.20%.
As we have mentioned last week, that resistance for the stock lies in the zone of 1380 to 1400 where long term trend-line resistance for the stock is lying. If the stock manages to close above these levels then the stock can move to the levels of around 1430 to 1450. During the week the stock manages to hit a high of 1438 and close the week around the levels of 1430.
Minor support for the stock lies around 1380 to 1400. Support for the stock lies in the zone of 1330 to 1340 where the stock has taken multiple support and short term moving averages are lying. If the stock manages to close below these levels the stock can drift to the levels of 1270 to 1280 where Fibonacci levels are lying.
The stock is trading at all time high so virtually no resistance lies. Resistance for the stock lies around 1430 to 1450. If the stock manages to close above these levels then the stock can move to the levels of 1480 to 1500.
Broad range for the stock in the coming week is seen between 1350 to 1370 on downside & 1480 to 1500 on upside.